US-based private equity firm KKR & Co. has bid to acquire a stake in heart surgeon Naresh Trehan-promoted Medanta hospitals, operated by Global Health Pvt. Ltd, a media report said.
The bid came after the expiry of the exclusivity period of talks between Medanta and a consortium of Ranjan Pai-led Manipal Hospitals and its backer TPG Capital, The Times of India reported, citing people directly aware of the matter told
The report said the TPG-Manipal consortium, which also includes Singapore’s Temasek Holdings, was previously expected to seal the Medanta deal at a valuation of around Rs 6,000 crore, or $850-900 million. However, the talks ran into a valuation mismatch, it said.
Medanta, which counts Temasek and private equity firm Carlyle among its investors, has been in talks for a sale for the past year.
VCCircle had reported in October last year that Pai-led Manipal Health Enterprises Ltd was evaluating a bid for Medanta in a transaction that would enable Carlyle to exit and Temasek to consolidate its stake in the two hospital chains.
For KKR, the bid for Medanta comes months after it agreed to take a majority stake in Max Healthcare by merging the hospital chain with its existing portfolio firm Radiant Life Care Pvt. Ltd in December.
Meanwhile, Mumbai-based electronics retailer Vijay Sales has acquired Hyderabad electronics retail chain TMC Electronics, The Times of India reported.
This is Vijay Sales' first acquisition, the report said, citing managing partner Ashish Gupta. The report didn't disclose the deal value, saying only that it was a "three-digit figure".
TMC has a chain of 19 stores in Andhra Pradesh and Telangana. Vijay Sales, one of India's biggest retailers of electronic goods, operates 82 stores in western and northern India, according to the report.
In another development, Chalo.com, a daily commute solutions startup, is set to receive Rs 50 crore from Chinese smartphone maker Xiaomi and its investment unit Shunwei Capital, The Economic Times reported, citing two people with direct knowledge of the matter.
The deal would value the startup, operated by Zophop Technologies Pvt. Ltd, at Rs 500 crore, the report said. Xiaomi has previously invested in Indian startups such as ShareChat, Zestmoney and Krazybee.
Chalo.com displays schedules of buses, trains and metro services in several cities. It also shows the availability of Ola and Uber cabs.